Stocks rally as Apple hits an all-time high

Getty/Justin Sullivan

Stocks soared Friday as Apple hit an all-time high. Wall Street shrugged off employment numbers that fell short of economist expectations. Oil and the dollar rallied. Treasury yields mostly fell.

Dow Jones Industrial Average: 24,257.32 +327.17 (+1.37%)

S&P 500: 2,665.42 +35.69 (+1.36%)

1. US unemployment dropped to a 17-year low in April at 3.9%. The US added less jobs than economists expected and wage growth remained sluggish, data from the Bureau of Labor Statistics' monthly report showed.
2. Trade negotiations between US and Chinese trade officials continued in Beijing. The Trump administration went into the talks with a list of demands, including that China reduce its trade deficit by $200 billion over the next two years.
3. The dollar hit its highest level this year versus a basket of major currencies. The Dollar Index briefly rose as high as 92.90 - the highest level since December 2017 - before retreating to 92.60.
4. Oil flirted with $70 a barrel. West Texas Intermediate rallied as high as $69.97 a barrel as the deadline for a possible US exit from the Iran nuclear deal looms.
5. Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple. Apple shares hit an all-time high following the news.
6. Earnings season rolls on. Alibaba and Weight Watchers beat analyst expectations.